Operating a business or launching a new venture can be more complex and take longer than you expect. So before making financial or life changing commitments (like signing a lease or quitting your day job), meet with a Pace SBDC business advisor to help address key planning challenges that may arise.
The Pace SBDC has a breadth of experience helping its clients write a business plan, the “roadmap” for a business venture. A formal business plan is recommended whether or not you are seeking funding, as it helps the entrepreneur focus on their goals and ensures that they concentrate on business priorities. See all resources here.
Researching your target market will help determine if your product or service has potential as well as identify opportunities for growth. The Pace SBDC partners with research librarians from the NYSBDC Research Network to provide targeted demographic and statistical data, consumer spending and competitive analysis, and customized B2B lead lists for business development Combined, these efforts have proven invaluable to entrepreneurs researching how to start or grow their small business. For more information, visit sbdcrn.blogspot.com/
Licenses & Permits
A Pace SBDC advisor can provide invaluable guidance on how to manage your business, from reviewing licensing and permitting requirements through New York State and New York City, to dealing with suppliers, hiring & managing staff, developing formal accounting processes, and explaining basic tax requirements. Check out the NYSBDC Research Network for further detail.
Legal Forms of Business Structure
The business structure of a company influences how a venture operates, how income is handled and taxes are calculated and paid, as well as owners’ payment structure and level of liability. Business structure options include a sole proprietorship, S corporation, C corporation, and limited liability partnership, and each has its own set of processes for formation and ongoing filings. While SBDCs do not offer legal advice, a Pace SBDC Business Advisor can help explain the respective obligations and responsibilities and guide entrepreneurs through the process of forming their legal structure and can also connect you with the Neighborhood Entrepreneur Law Project for further support.
Support for Minority and Women-owned Businesses (MWBEs)
Pace SBDC advisors work closely with relevant Government agencies to help our MWBE clients with certification and to access financing and contract opportunities. Click here to learn more.
A capability statement, a 1-2 page summary of your business to provide to prospective clients at procurement and business networking events, is one of the most effective procurement marketing materials. In fact, many government agencies require that a Capabilities Statement be submitted with bids.The capability statement should highlight the firm's qualifications and select clients/projects, key leadership's experience, and relevant codes (e.g NAICS), in addition to relevant certifications (eg. MWBE). Consider it company's resume. Click here to view a template.